In 2008, the Eurosystem launched the Collateral Central Bank Management (CCBM2) project with a view to creating a single platform for the management of central bank credit and related collateralised securities, and thereby bringing in greater efficiency, too. The new system permits centralised management of domestic and cross-border securities and bank loans used as collateral for central bank credit. Real-time and automatic management of collateral additions and returns will take place under the Straight Through Processing (STP) principle until the participants' accounts with TARGET2 are credited/debited.
The central banks of Belgium and the Netherlands are responsible for constructing the system. The Bank of Finland participates in the project as owner and financer, together with the other euro area central banks. At the Bank, prime responsibility for the project is entrusted to the Banking Operations department. The department represents the Bank of Finland in the Eurosystem-wide working groups set up for the project, keeps track of project costs and price-setting and monitors the progress, administration and legal development of the project. Similarly, Banking Operations is responsible for monitoring the future CCBM2 collateral management system, including back-up systems and testing, provision of customer information and the connections between CCBM2, TARGET2 and T2S.
